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date shall be a Continwng obligaUOn upon lhe Employer, and shatl not rie
<br />refieved by any agreement be(ween the Empioyer aod any other parry, ,
<br />except as provided in Section 2 of Parayraph 13 of Uus Plan, and shall nct
<br />be afteCted in any manner by +mendment or revocation of the Trust
<br />referred to in Paragr'aph 2 herein or oy reversion of the Trust Funds to Uie
<br />Empioyer The provisions of this Pcaragraph shail supersede and control
<br />any other prcosion o( this Plan which could bc~ interpretad to be in confhct
<br />therewith.
<br />4 Administration ot Funds The funds Ueposi!ed in the Deterred
<br />Compensahon Account shall be invested and rainvested by the Retire-
<br />ment Corporation, as provided for in the Trust Fund descnbed in Part II o1
<br />this Plan, m any manner which in its Sole discretion it deems desirable,
<br />without reg,+d at any time to any leyal limitation yoveming the investment
<br />of such funds The Account shall also reflect the gain or loss resulting
<br />from ihe rnvestment and reinvestment thereof This Trust Fund may be
<br />commingled with other5 established by the Trustee with other EmploYers
<br />under this f?i.,n_
<br />5 Designation of investments Each par'iciGating Employer, being
<br />advised of the preferences of, and fur the benelit ot each Ot its
<br />participating Employees, ohall designate th, percentage of the deferred
<br />compensation invclved rvhich shall be ~nvestE„d in the reSPectrve typeS of
<br />inveStmFnt funds (aCCOUnts) of the Retirement GorporaUon, such as the
<br />Equity (Van;ible) Fund or the Fixed-Income fund unless the laws of the
<br />applicable state ur local govemment requ re otherw.se, in which case
<br />those lews shall govem Future elections ?o change thF, percentage to be
<br />invested in each type of Fund may only be made prior to and for Ihe ne s;
<br />succeedinq ;innual penod ot service fpr whicl'i the cumprnSation is
<br />payable by tilmq wntten noLCe thereot wrth the Retirernent Corporatior
<br />Such notice will not be eftectrve until recelved hy the Retuem8nt
<br />Corporation
<br />6 Payman° ~t Deterred Compensation The wcrds "c9asignated age,° as
<br />used m this Paragreph and in Paragraph 10 oi thls F an. shall mean ?he
<br />designated n~)e which appears in the Joinder Ayrcrcmi nt executed by the
<br />partiapatinr7 Employt,e These words 25 usad in ttus Pa `egaph, ir
<br />Paragraph 10 ; nU in ih,, Juindcr A,.7reirmOut sh~ill also ncincie the
<br />following. vi.thOW 1ep,hti,n ihcre in.. .'.ito.r in th..° sole iJiscretion Ot 4he
<br />EmployE:r af tN- id of his employnwnt -;raemrilt, it Em~~lo,e
<br />continues n !he ampioy ot the Emploer a`ten ce aU,+ins the de5ign3ted
<br />age'ExCept as previded in Part~yr3pn 9(unfores,eable erner-~encyl. no
<br />payrnents or deterred con peos.It,on shall be made prior !o tin Elnployee s
<br />ggparatii:r) froni t,c rvice with Iht EmplGy- At s>ucY, time as the Employee
<br />reai;hes 'he r;w5iqnr:ted a,ie hi ( .c.ies Fwrm.ineri, <Ji;,ihled i)r dn,s,
<br />whiChevPr OCCUrS hr5t, he, or hi5 l~ent~tci,ir numinee ur
<br />251ate iS1r,re enlitled to'.•ce!ve P:tYm( r,,t !r[in~ tncGr`erred C;ompenSa-
<br />tion Accoun! ~ut~?and~ ~ 1 on th d 1e a.vnieh )e uf the foregqing
<br />occurs Pa/me r t; o~~ .,~c;ned t y ne E nnpiuyee hauing reached rhe
<br />desigr tE :i,e [ rc ~m Per rnan~r~tly di~3hled 6r by hws dt,ath shall be
<br />n;ade in acairrl 3n._:e with the prnvislons uf F 3ra ,r,,ph 7 here5f as toliows
<br />a Paym,,n s in rni;o~hly_ qi.i,3rterly. ser i-tnnuai ur annudl payments
<br />pvE'r tl'e period O? ~ifF e;xpei,:t,tncy of Ihr, clmployee m.ircordance with
<br />the foi;.",viny prpCe°hurrl.
<br />~~pr~ ,chinq Ih" desi111.0"d a ;z, or b~ uniin.) >ermanentl,
<br />t;om pt rni,ina~r 1 fuli-tunf c~~71uj whu heveir ''t5.'
<br />r,~.'ws ihrt Employees ite expt:, wcy be dEt~rmined b'y
<br />rc,,,~e:nce to St,in,,l.ard U S Mort;ilii: T.ihles, the amounts 0'
<br />as5etb dnd aCC~ii wlahons ~n the Or}e,•ic1 ~~n~pens;i?~on AcCO~,nt
<br />;li;di be Conipi-tted rogeiNer with 1~:sor'+bie rate oi retum on
<br />Sd~:j aSSet~ IeSS Ihe amuuni of rUprct„d monthly dist!ibuhon
<br />over the Irtr expFCtancy of the Emu oyee :nd a mGn'hly am~iL:nt
<br />shall ihi-n be mathemah~~lly determinr,d t' e pa',me t?f wh•~cn lr
<br />equal rnosithly insttillrnen!S over the prnod ni t17ir iif rxpact.,i~ y
<br />of ihe EmpIU•;ce. snall c:mplartaly cl,(~le!e''j°, stiid Ac(~ouet ti; tht:
<br />end ot the I;ist year ui Iife exp?cta><~y
<br />b Pa,,ment5 m monthly qu.3rterly semi-;;rmu,i x:3n; .~nl pay!ncrnls
<br />in accOrd:;n- wi?h thne tollowmq ptC'cErdure
<br />UnIF,S ihe? tm i0ye~,S emplOyme-r-,I time
<br />attains the designated age, amounts equai to the benefits
<br />received by the Empioyer, under retirement annuity policies, shall
<br />Ge paid to the Ernpioyee, at such Ome as he attains the designated
<br />aye, or, ir! the, case of death, payment to his beneficiary or
<br />b(,neticiaries, nominee or estate pwsusnt to the procedures
<br />prov;ded in sa~d polhcies and Paragraphs 7 and B of this Pian; or
<br />c Payments in monthly, quarterly, semi-annual, or annual install-
<br />mer.ts over a penod of not exceedir.g ten (10) years, said payments to
<br />include a reasonabie retum on the funds, assets and accumulations m
<br />the Deterred Compensation Account, less the amount of expected
<br />monthly quarterly, semi-annual, or annual distribution, Over the said
<br />?en (10) year penod, nr
<br />d C+ie lump-sum payrn~nt.
<br />7 Selection uf Method of Payment The method ot payment shali be
<br />seiected by the Empioyer, acting through the Retirement Corporation, as
<br />its duly authonzed agent, due consideration being given to health,
<br />tlnancial circainstances and family obligations of the Employee. In this
<br />reyard, the Empli,yee may rie consulted, however, he shall have no voice
<br />in the decision reached _
<br />8 Paymenis in the Event of Death.
<br />a During the Penod of Distribution In the event of the Employee's
<br />death ;furing the pe,nod of distnbuUOn, the Employee's beneficiaey
<br />shall be entitled to recerve payments in accordance with the payment
<br />mcthod be,nq employed at thr time ot the Employee's death. With the
<br />consent ef Ihe Employer, acting through the Retirement Corpcraiion
<br />t+s Its du;y _wthon~ed agent, sa+d Geneficiary may elect to receive a
<br />lump sum in Iieu of installment payments-
<br />C Prior !-j D!stnbution In the event of the death of the Employee prior
<br />fo the oistr;bunon the tur.ds and assets of the Deterred Corr,pensa-
<br />tion Acceunt sr,ail bc: paid in accordance wlth one of the methods
<br />descnbed m S.,nparagr phs a_ b, c, or d ofi Paragraph 6 hereof 7he
<br />selec.on ot said memod ,;hall be made by the Employer acting
<br />±hrowqh the ReUr,ment f;orpor,3UOn as itS duly authonzed agent.
<br />g Paymtnis in the Event of Uninreseeable Emergency In the event that a
<br />participaYinq Ernployee is faced w,th an untoreseeable emergency (de-
<br />?ermined in the rnanher , rescriped hy Federal regulation), the Employar
<br />may direct !he Retirement Corpofation as agent to make disbursements
<br />trorri !he Defein~d Compensaticn Account of amounts reasonably rieces-
<br />sary to srah;f~ 'he emergency needs of the Employee
<br />10 f'ayment Daies Payments shall cornmence on the first day oi the
<br />month. foliomny the attainment of the designated age, or later, on the first
<br />day bf the monin aher the end of his employment agreement, if Employee
<br />contmues In the employ of the Employer after he attains the designatod
<br />age, or likewise fuilowing permanent disability, ordeath; and, inthe caseof
<br />irsta:iment payments, shall be maUe continuously thereafter on the fiBt
<br />day of each succeedmg month or, in the event quarterly, Seml-annual, or
<br />annua' payment installment penods are applied, then continuously
<br />?her-~af;er on the tirs! day of each succeeding month which begins the time
<br />penod(qiiliiter!y etc)involvedi,inti!suchtimeastheDeferred Compensa-
<br />t,on A.ccount is Jepleted In its entirety
<br />1 t Uisoursiny A(le,nt I he Retirement Corporation shall act as agent ot
<br />th,_ Employer for purpo>ee> ot disbursing payments. The ultimateobliyatiOn
<br />to~ mahiny such payments, however, shall remain with the Emp!oyer.
<br />12 Accurnulr+tion During the Uistribution Period. During the period of
<br />dis(nbutIon the Empioyee or his beneficiary or beneticiaries, nominee or
<br />estate, as the case may be, shall continue to be Credited with all the
<br />interest iccumulat,ons and increments on the undistnbuted funds and
<br />assets in the Deferred Compensahon Account, untd such Accourt is
<br />dapl?It ir) its nhrety
<br />13 Sec-ior 1 Tcr,nin<3tion ot Employment. Upon termination of the
<br />Employees se~ivices, for any reason other than death, the tunds, assets,
<br />;;nd ,ic,,,~jr~l In the Deterred Compensation Account shail not be
<br />,ransterred tr, an account with a new employer of the Employee, and,
<br />~ns;end they Sh.tll remnin m the ongmal Account as 3ssets pf the Oid
<br />3
<br />F
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